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BRIEF-Pick n Pay Stores' HEPS up 13.1 pct in 26 weeks to Aug. 27
October 17, 2017 / 5:17 AM / a month ago

BRIEF-Pick n Pay Stores' HEPS up 13.1 pct in 26 weeks to Aug. 27

Oct 17 (Reuters) - PICK N PAY STORES LTD:

* ‍INTERIM DIVIDEND OF 33.40 CENTS PER SHARE UP 11.7% ON PRIOR YEAR, IN LINE WITH GROWTH IN HEPS ON A NORMALISED BASIS​

* ‍NORMALISED DILUTED HEADLINE EARNINGS PER SHARE UP 13.1% TO 90.36 CENTS PER SHARE FOR 26 WEEKS ENDED AUG. 27 ​

* ‍GROUP TURNOVER INCREASED 5.1% TO R39.3 BILLION, WITH LIKE-FOR-LIKE TURNOVER GROWTH OF 1.8% FOR 26 WEEKS END AUG.27​

* ‍TRADING PROFIT UP 15.8% FROM R554.1 MILLION TO R641.5 MILLION FOR 26 WEEKS ENDED AUG. 27​

* ‍TRADING MARGIN IMPROVEMENT OF 0.1 PERCENTAGE POINT FROM 1.5% TO 1.6% FOR 26 WEEKS ENDED AUG. 27​

* ‍GROUP COMPLETED A COMPANY-WIDE VOLUNTARY SEVERANCE PROGRAMME (“VSP”) IN PICK N PAY​

* ‍PROFIT BEFORE TAX WAS UP 22.3% FROM R103.7 MILLION TO R126.8 MILLION FOR 26 WEEKS ENDED 27 AUGUST 2017​

* VOLUNTARY SEVERANCE ‍PROGRAMME ENABLED 10% OF ROLES AND FUNCTIONS TO BE REMOVED ACROSS PICK N PAY​

* ‍COST OF MAKING COMPENSATION PAYMENTS TO DEPARTING STAFF FELL WITHIN H1, EXPECTED TO BE RECOVERED IN FULL BY END OF FY

* ‍NET IMPACT OF VSP AMOUNTED TO R200.0 MILLION, BEFORE TAX, AND HAS HAD AN IMPACT ON EMPLOYEE COSTS UNDER TRADING EXPENSES​ Source text for Eikon: Further company coverage:

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